On Today's Calendar:
- 10:00 -- Pending Home Sales
More Calendars: U.S. Earnings | Conf. Calls | Surprises | IPO | Economic
Potential swing trades:
See one of the recent 'Chart Reading' posts for some potential swing candidates. Also be sure to check my typical swing trade entry & exit rules.
Potential day trades:
(From Briefing.com)
Gapping Down
In reaction to weak earnings/guidance/same store sales: UDRL -22.4%, CWTR -20.4% (also downgraded to Hold at Roth Capital), WINS -14.2% (also downgraded to Hold at Roth Capital), ZUMZ -14.0% (also downgraded to Neutral from Buy at Piper Jaffray), MR -9.8%, AEO -8.4%, RWC -8.3%, OWW -7.7%, USMO -7.2%, AOB -7.1%, MWRK -6.5%, PETM -6.4%, RWT -6.4%, JCP -4.4%, GPS -4.2%, FCEL -4.0%, STEC -4.0%, BRLI -2.3%, EXC -1.8%... Select mortgage stocks showing continued weakness following TMA news related to margin calls: TMA -52.1% (discloses receipt of default notice from JP Morgan after TMA failed to meet a $28 mln margin call), CMO -14.7% (removed from Best ideas List at Keefe Bruyette), NLY -14.4% (removed from Best ideas List at Keefe Bruyette), RAS -12.2%, IMB -7.9%, ABK -7.4% (continued weakness from yesterday's huge ~23% decline), FRE -4.3%, FNM -4.2%... Select financial names showing continued weakness: MER -6.4% (discontinues First Franklin Mortgage Origination; amended the terms of its Exchange Liquid Yield Option Notes due 2032; estimates cut at Keefe Bruyette), LEH -3.8% (estimates cut at Keefe Bruyette), MS -2.6% (estimates cut at Keefe Bruyette), BSC -2.3% (estimates cut at Keefe Bruyette), WM -2.3%, C -1.9% (made no approach for capital, Dubai says - Reuters.com), WFC -1.8%, GS -1.7% (estimates cut at Keefe Bruyette), BAC -1.5%, UBS -1.2% (shares sink on Alt-A writedown talk - Reuters)... Other news: CIM -12.6% (still checking), MGI -6.8% (showing continued weakness following yesterday's huge decline), CSE -2.9% (still checking), TMS -2.4% (showing continued weakness), LCAPA -1.8% (still checking), HNSN -1.6% (files a $75 mln common stock shelf offering in an S-3), TOT -1.4% (still checking)... Analyst downgrades: MFA -19.4% (downgraded to Mkt Perform at Keefe Bruyette), ANH -15.4% (downgraded to Mkt Perform at Keefe Bruyette), SKS -4.9% (downgraded to Neutral at BofA), BDN -3.8% (downgraded to Underperform at RBC), DRE -2.4% (downgraded to Underperform at RBC).
Gapping UpIn reaction to strong earnings/guidance/same store sales: UFPT +19.7%, SMSI +18.4%, CHIP +17.5%, DXPE +9.9%, FLOW +8.8%, BBI +8.6%, MATK +7.5%, SNUS +7.5%, OWW +7.4%, CMTL +6.8%, SONS +6.2%, URBN +6.0%, LVB +5.7%, ACUR +5.4%, SMRT +5.0%, PSUN +4.9%, HRB +4.4%, FINL +4.1%, HRS +4.1%, CTR +3.9%, TIVO +3.8%, AUO +2.6%, rad +2.5%, MELI +2.5%, SHMR +2.5%, JWN +2.2%, ADCT +1.8%, PLCE +1.7%, ROST +1.6%, WMT +1.3%, ANIK +1.3%... Select gold and mining stocks showing strength, despite lower spot prices, with reports that South Africa will raise mines' power supply to 95%: GFI + 3.0% , HMY + 3.0% , BHP + 2.4% , RTP + 1.8% , LMC + 1.7% , GOLD + 1.2%... Other news: EXAS +65.1% (says updated screening guidelines of the American Cancer Society include new DNA technology for detecting colorectal cancer), OPTM +43.1% (still checking), EPCT +20.7% (earns milestone payment due to progress in Phase II trial for Azixa in melanoma metastases), TSRA +11.8% (addresses "mischaracterizations of patent validity and legal process"; Cowen makes positive comments), THRX +11.1% (FDA accepts for review THRX's complete response to approvable letter for Telavancin for the treatment of complicated skin and skin structure infections), PBT +4.6% (Cramer makes positive comments on MadMoney), RHD +4.1% (modestly rebounding after making new 52 week low yesterday), SHPGY +1.6% (still checking), INAP +1.5% (SoftLayer signs 5-year $40 mln contract with Internap to expand on-demand hosting platform across the United States), BHI +1.3% (discloses it starts a $500 mln commercial paper program), MOT +1.1% (Carl Icahn discloses increased stake of 6.3%, up from 5.0% prior stake), TASR +1.1% (receives two law enforcement orders; Suffolk County Police Dept and North Dakota Highway Patrol purchase TASER devices )... Analyst upgrades: MDR +3.8% (upgraded to Buy at Citigroup), ORCL +2.2% (upgraded to Buy at Merrill), FLR +1.9% (upgraded to Buy at Citigroup), DISH +1.3% (upgraded to Neutral at Credit Suisse), ENDP +1.0% (upgraded to Buy at Roth Capital).
Disclaimer & How I use this list
The last few indices still holding today 3/6 above their long-term horizontal supports, at DJIA 12000, NYSE 8800, RUT 675 and IRH 90 could soon weaken dramatically as these supports, only one bad day away down 1-2%, are approached. Techs NDX and XCI have the same long-term problem at their supports down 3% at 1700 and 750.
These may not be the short term trading lines most of us usually watch, but on my screens breaking these supports is potential downside trouble hiding in plain sight on 5 year charts: 2 lower closes below these lines should start the next leg down to lower 2008 lows in the more clearly emerging bear market downtrend.